MA’s Monthly GDP Measure Rose 0.1% in March

Monthly GDP rose 0.1% in March following a 0.3% increase in February that was revised down from a previously reported increase of 0.7%.  The March figure reflects a moderate increase in domestic final sales that we estimate was mainly accounted for by PCE.  Outside of domestic final sales, a decline in net exports was partially offset by an increase in nonfarm inventory investment.  The data on monthly GDP through March are consistent with our latest estimate of 0.3% GDP growth in the first quarter.  Our latest tracking forecast of 3.8% GDP growth in the second quarter includes a 0.6% increase (not annualized) in monthly GDP in April followed by gains in May and June that average 0.2% per month.


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